Pick something that costs at least $2,000 (but less than $10,000) that you want to buy ( I picked $2,860 will you guys help build spreadsheets) Assume you put the total price of the purchase on a credit card The terms on the credit card state that the interest rate is 26 99 and that the minimum payment per month is 3 of the outstanding balance(but no less than $25 per month) How long will it take you to pay off the loan if you make the minimum payment How much did you pay in total How much total interest did you pay How long will it take you to pay off the loan if you make double the minimum payment How much did you pay in total How much total interest did you pay How much did you save by using option b instead of option a You decide to make a regular fixed payment on the account to pay it off sooner than the scenarios in a or b What payment could you afford to make each month How long will it take you to pay off the loan How much did you pay in total How much total interest did you pay You can get a credit card that offers a 24 Month Interest Deferred Financing, meaning that if you pay off the balance in 24 months you dont owe any interest even though the interest accrued for the term of the payments The card has an APR of 29 99 How much would you have to pay each month to pay off the balance before the interest comes due if you make level (equal) payments How much money in interest did you save If you only pay the minimum payment of 2 of the outstanding balance each month, how much will you need in month 24 to not have to pay the interest How much money in interest did you save How do your answers in a and b Compare Your bank offers a low interest 36 month loan at 9 9 APR with regular monthly payments What would your monthly payment be What is the total cost of this loan You consider an investment account that you expect to earn 11 APR compounded monthly over the course of 2 years How much would you need to deposit today to have enough money to pay for your purchase in full in 2 years Since you cant afford to put much money in up front, how much would you need to pay into this account each month to save up enough money to pay for your purchase in full in 2 years

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Pick something that costs at least $2,000 (but less than $10,000) that you want to buy. ( I picked $2,860 will you guys help build

Pick something that costs at least $2,000 (but less than $10,000) that you want to buy.

( I picked $2,860 will you guys help build spreadsheets)

Assume you put the total price of the purchase on a credit card. The terms on the credit card state that the interest rate is 26.99% and that the minimum payment per month is 3% of the outstanding balance(but no less than $25 per month).
1. How long will it take you to pay off the loan if you make the minimum payment? How much did you pay in total? How much total interest did you pay?
2. How long will it take you to pay off the loan if you make double the minimum payment? How much did you pay in total? How much total interest did you pay?
3. How much did you save by using option b. instead of option a.?
4. You decide to make a regular fixed payment on the account to pay it off sooner than the scenarios in a. or b. What payment could you afford to make each month? How long will it take you to pay off the loan? How much did you pay in total? How much total interest did you pay?
You can get a credit card that offers a 24-Month Interest Deferred Financing, meaning that if you pay off the balance in 24 months you dont owe any interest even though the interest accrued for the term of the payments. The card has an APR of 29.99%
1. How much would you have to pay each month to pay off the balance before the interest comes due if you make level (equal) payments? How much money in interest did you save?
2. If you only pay the minimum payment of 2% of the outstanding balance each month, how much will you need in month 24 to not have to pay the interest? How much money in interest did you save?
3. How do your answers in a. and b. Compare?
Your bank offers a low-interest 36-month loan at 9.9% APR with regular monthly payments. What would your monthly payment be? What is the total cost of this loan?
You consider an investment account that you expect to earn 11% APR compounded monthly over the course of 2 years.
1. How much would you need to deposit today to have enough money to pay for your purchase in full in 2 years?
2. Since you cant afford to put much money in up front, how much would you need to pay into this account each month to save up enough money to pay for your purchase in full in 2 years?